As Bitcoin moved to the downside so did Solana and other coins. Can Solana go back to $16 it had a pretty good uptrend for the past 2 months?

If we zoom out on the daily chart we can see this massive ascending triangle that Solana is forming and right now the price is in the middle of it! 

Of course we can also say this is a rising channel 

Some sources say it is a bearish pattern that usually breaks the opposite of the direction it has been forming in this case it is upwards forming so it should break to the downside. If that would be the case the price Solana could go down to as low as $3!

Although anything is possible I prefer to see this pattern as an ascending triangle because it has many touchpoints! 

The breakout of that pattern could bring Solana to around $40 or if bearish scenario to around $3 (We just had an example of Bitcoin breaking the ascending triangle to the downside however this was on the lower timeframes) Higher timeframes are more reliable when it comes to the direction because it allows to take long term market conditions into consideration. The pattern equinox is in Jul 2024 that is after BTC having!

But in the short term - Yes, Solana can go back to at least $17 to touch the support! 

All The Best,

Aventurine!